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Discussion questions for chapter 06

2. Ethics must be based more on a process than on a static code. What does this statement mean? Do you agree? Why or why not?

3. A small pharmaceutical firm has just received permission form the authority body to market its new anticholesterol drug. Although the product has been tested for five years, management believes serious side effects may still result from its use; and a warning to this effect is being printed on the label.

4. Mr X, the leading salesperson for a small manufacturer, has been given purchasing managers a kickback from his commissions in return for their buying more of the company’s goods. The manufacturer has a strict rule against this practice.

5. Explain the distinct roles managers may take in rationalizing morally questionable acts “against the firm” or “on behalf of the firm.” Be complete in your answer.

6. What is a code of conduct, and how useful is it in promoting ethical behavior?

7. Describe carefully the differences between immoral, and moral management. Use the image attached (Ethical Dilemmas for Entrepreneurs) in your answer.

8. Why do complex decisions often raise ethical considerations for the entrepreneur?

9. Social responsibility can be classified into three distinct categories. Describe each category, and discuss the efforts of entrepreneurs to become more socially responsible.

10. Describe the critical threat to our environment as a major challenge of social responsibility.

11. What is “ecovision”? Outline some specific recommendations for entrepreneurs to consider that promote environmental awareness.

12. How can entrepreneurs develop a position of ethical leadership in business today?

13. Madam K believes entrepreneurs need to address the importance of ethics in their organizations. However, in her own company she is unsure of where to begin because the entire area is unclear to her.

Discussion questions for chapter 07

1. To assess the economic environment of a venture, an entrepreneur would like a number of questions answered. Identify and discuss five of these questions.

2. Briefly discuss each of the following effects of the governmental regulations on small ventures; prices, cost inequities, competitive restrictions, managerial restrictions, mental burdens.

3. How does each of the following legislative acts affect small ventures?

(a) the Regulatory Flexibility, Act(b) the Equal Access to Justice Act(c) the Small Business Regulatory Enforcement Fairness, Act(d) the Unfunded Mandates Reform Act

In providing the answers to the respective items; a, b, c, and d; you also can relate with your own country’s legal Act but you have to provide to the document material of it e.g. web site URL, PDF file, etc.

4. Of what value is “Elements of Industry – The Five Forces Model” (image attached) to helping an entrepreneur make a new-venture assessment?

5. What are barriers to entry? How do they affect new-venture assessment?

6. How could an entrepreneur use “Components of a Competitive Analysis” (image attached) to conduct a competitive profile analysis?

What would the results provide?

What types of decisions could the individual make from the analysis?

7. Identify and describe four of the steps to take when making an industry assessment?

8. How can an entrepreneur go about researching the location for a venture?

What information can community demographics and population trends provide?

9. Discuss this statement: One method of evaluating a community is in terms of reliance and deservedness.

10. What is a business incubator?

What are the four major types of incubators?

11. Of what value is a business incubator to a new venture? Explain in detail.

Discussion questions for chapter 08

1. In your own words, what is a market? How can marketing research help an entrepreneur identify a market?

2. What are the five steps in the marketing research process? Briefly describe each.

3. Which is of greater value to the entrepreneur, primary or secondary data? Why?

4. Identify and describe three of the primary obstacles to undertaking marketing research?

5. How would an entrepreneur’s new-venture strategy differ under each of the following marketing philosophies: production-driven, sales-driven, consumer driven? Be complete in your answer.

6. In your own words, what is market segmentation? What role do demographic and benefit variables play in the segmentation process?

7. Identify and discuss three of the most important personal characteristics that help an entrepreneur identify and describe customers. Also, explain how the product life cycle will affect the purchasing behavior of these customers?

8. Identify and discuss three of the psychological characteristics that help entrepreneur identify and describe customers. Also, explain how the product life cycle will affect the purchasing behavior of these customers?

9. How does the way consumer’s view a venture’s product or service affect strategy?

For example, why would it make a difference to the entrepreneur’s strategy if the consumers viewed the company as selling a convenience good as opposed to a shopping good?

10. Identify and describe four of the major forces shaping buying decisions in the new century.

11. Most emerging ventures evolve through a series of marketing stages? Identify and describe each.

12. What does the entrepreneur of an emerging venture need to know about sales research and a marketing information system?

13. For developing a marketing plan, what are the five steps that are particularly helpful? Identify and describe each.

14. How does telemarketing work? What are its advantages? What are its pitfalls? Why is it likely to be a major marketing tool in the new century?

15. Describe the benefits and concerns of marketing on the internet. Be specific in your answer.

16. What are some of the major environmental factors that affect pricing strategies? What are some of the major psychological factors that affect pricing? Identify and discuss three of each.

Discussion questions for chapter 11

2. Describe some of the key factors involved in new-venture performance (use the attached image: The Elements Affecting New-Venture Performance)

3. Many entrepreneurs lack objectivity and have no real insight into the market. Why are these characteristics considered pitfalls of selecting new ventures.

4. Many entrepreneurs have a poor understanding of the finance associated with their new venture and/or have a venture that lack uniqueness. Why are these characteristics considered pitfalls of selecting new ventures.

5. Describe each of the five critical factors involved in the prestart-up and start-up phases of a new venture.

6. Identify and discuss three examples of product/market problem that can cause a venture to fail.

7. Identify and discuss two examples of financial difficulties that can cause a venture to fail.

8. Identify and discuss two examples of managerial problems that can cause a venture to fail.

15. In a new-venture evaluation, what are the four stages through which a proposal typically goes? Describe each in detail.

16. An entrepreneur is in the process of contacting three different venture capitalists and asking each to evaluate the new business proposal. What questions should the business proposal owner be able to answer about each of the three?

17. An entrepreneur of a new venture has had no success in getting financing from formal venture capitalists. An entrepreneur now has decided to turn to the informal risk capital market.

Who is in the market?How would you recommend the entrepreneur contact these individuals?

18. How likely is it that the informal risk capital market will grow during the next five years? Defend your answer.